i-864 Affidavit Of Support requirements

[marimike 0]

It states on the form i864...

"If you use your assets or the assets of a household member to qualify,

Documentation of assets establishing location, ownership, date of acquisition and value.

Evidence of any liens or liabilities against these assets."

My question is, if a person has an IRA savings with an amount over $18,900 and has been

using these funds to currently support themselves, would that be considered in their

eyes as income? And would my time away from work traveling abroad affect their decision?

(I was working 32 hours a week prior to taking my leave of absence in Feb 2012 - Mar 2012)

Also upon returning, my job position (that I was promised to return to) had been filled

and I have been living off my IRA for a few months now.. however am anticipating getting

another job soon.

So First and formost, how would they view the IRA? As income? (hopefully they would, I paid

taxes on it!)

And second, how would they view my non-problematic situation?

Any all who can help, I would be greatly appreciated, as I just miss my wife and want her

by my side, as soon as humanly possible.

Thanks in advance,

Michael B.

[Kathryn41 3,205]

Topic has been moved from Immigration News Discussion forum to CR-1 forum as question relates to spousal financial sponsorship and is better addressed here,

[bsd058 296]

It states on the form i864...

"If you use your assets or the assets of a household member to qualify,

Documentation of assets establishing location, ownership, date of acquisition and value.

Evidence of any liens or liabilities against these assets."

My question is, if a person has an IRA savings with an amount over $18,900 and has been

using these funds to currently support themselves, would that be considered in their

eyes as income? And would my time away from work traveling abroad affect their decision?

(I was working 32 hours a week prior to taking my leave of absence in Feb 2012 - Mar 2012)

Also upon returning, my job position (that I was promised to return to) had been filled

and I have been living off my IRA for a few months now.. however am anticipating getting

another job soon.

So First and formost, how would they view the IRA? As income? (hopefully they would, I paid

taxes on it!)

And second, how would they view my non-problematic situation?

Any all who can help, I would be greatly appreciated, as I just miss my wife and want her

by my side, as soon as humanly possible.

Thanks in advance,

Michael B.

Why would they view this as income? Whether you paid taxes on it or not, it doesn't make it income. Income is a steady stream of money created by offering services or products to others, or else it could be investment income which is money produced from lending your money to another in exchange for returns ont hat money.

It's clearly an asset, though. Will your principle not go down as you remove money from the IRA?

The thing is, I could understand your question if your IRA would not lose principle whenever it pays out to you, but the fact is that it does.

You could use the income your IRA is producing (interest, dividends, capital gains, etc.) as investment income and that could be considered income; as much as your IRA is producing for you above and beyond the principle. The IRA itself acts like an account, though. It's like if someone had money in their bank account. They couldn't claim that the money in their bank account of $20,000 should be considered income just because they have the ability to take out a little bit of it at a time. The interest the money produces can be counted as income, though.

So let's say I earn $100 each year off of my $20,000 being in a bank account. I can count the $100 interest as income, but not the $20,000 of principle.

Edited July 4, 2012 by bsd058

[bsd058 296]

And second, how would they view my non-problematic situation?

If it is the income you are concerned about and it is in fact problematic since you don't currently have income, then you should try your best to get a job or some other sort of income to meet the AOS minimum requirement. You could explain your situation to them, but I don't think they are going to make any sort of exceptions or special provisions for you. I think you're going to need to get a job. In the interim, if you just want your wife to be by your side, I would consider getting a job almost anywhere that would pay you enough to meet the income requirements.

I personally think your situation is problematic. I understand having an emergency fund set aside just in case, but try to get a job ASAP so that you can meet the income requirement, even if it's not in your specialty.

Perhaps they won't ask for pay stubs or an employment verification letter, though. Maybe they'll just go off of your previous tax returns. Someone else can weigh in on that, though. You need to be ready to prove current income just in case.

[Anh map 2,098]

Income would be any distributions that you get from the IRA. The value of the IRA would be looked at as an asset. That would have to be at least 3 times the amount of income that is needed to meet the requirement. Also, a retirement account may not be accepted if there would be substantial penalties places on an early withdrawl.